Boingo Wireless (WIFI) Downgraded by Zacks Investment Research to “Hold”

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Zacks Investment Research downgraded shares of Boingo Wireless (NASDAQ:WIFI) from a buy rating to a hold rating in a research report report published on Thursday morning, Zacks.com reports.

According to Zacks, “Boingo Wireless, Inc. is a Wi-Fi software and services provider. Boingo users can access the mobile Internet via Boingo Network locations that include the airports, hotel chains, caf├ęs and coffee shops, restaurants, convention centers and metropolitan hot zones. The company provides its solutions to individual users and partners consisting of telecom operators, network operators, cable companies, technology companies, enterprise software and services companies, and communications companies. Boingo Wireless, Inc. is headquartered in Los Angeles, California. “

A number of other equities analysts also recently issued reports on WIFI. BidaskClub upgraded Boingo Wireless from a hold rating to a buy rating in a research report on Thursday, April 11th. Craig Hallum reiterated a buy rating and set a $29.00 price target (up previously from $28.00) on shares of Boingo Wireless in a research report on Thursday, May 9th. Oppenheimer lowered their price target on Boingo Wireless from $39.00 to $32.00 and set an outperform rating on the stock in a research report on Thursday, May 9th. Credit Suisse Group lowered their price target on Boingo Wireless from $35.00 to $29.00 and set an outperform rating on the stock in a research report on Thursday, February 28th. Finally, Northland Securities began coverage on Boingo Wireless in a research report on Monday, April 22nd. They set a buy rating and a $30.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of Buy and an average target price of $32.67.

Shares of WIFI opened at $21.18 on Thursday. Boingo Wireless has a 52 week low of $18.50 and a 52 week high of $35.98. The company has a current ratio of 0.95, a quick ratio of 1.17 and a debt-to-equity ratio of 1.89. The stock has a market capitalization of $931.60 million, a PE ratio of -706.00 and a beta of 1.05.

Boingo Wireless (NASDAQ:WIFI) last issued its quarterly earnings results on Wednesday, May 8th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.02). The business had revenue of $66.47 million for the quarter, compared to analysts’ expectations of $65.74 million. Boingo Wireless had a negative return on equity of 2.82% and a negative net margin of 1.21%. On average, research analysts predict that Boingo Wireless will post -0.38 EPS for the current fiscal year.

In other news, CFO Peter Hovenier sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $25.05, for a total value of $125,250.00. Following the transaction, the chief financial officer now owns 450,723 shares in the company, valued at $11,290,611.15. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David Hagan sold 29,364 shares of the firm’s stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $25.36, for a total value of $744,671.04. Following the completion of the transaction, the director now owns 1,103,375 shares in the company, valued at approximately $27,981,590. The disclosure for this sale can be found here. In the last 90 days, insiders sold 119,364 shares of company stock worth $2,898,371. Company insiders own 3.80% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Macquarie Group Ltd. lifted its position in shares of Boingo Wireless by 75.6% in the fourth quarter. Macquarie Group Ltd. now owns 2,067 shares of the technology company’s stock valued at $42,000 after acquiring an additional 890 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of Boingo Wireless by 101.3% in the first quarter. Fifth Third Bancorp now owns 1,922 shares of the technology company’s stock valued at $45,000 after purchasing an additional 967 shares during the last quarter. Lindbrook Capital LLC acquired a new stake in shares of Boingo Wireless in the first quarter valued at approximately $96,000. Legal & General Group Plc increased its holdings in shares of Boingo Wireless by 13.7% in the fourth quarter. Legal & General Group Plc now owns 7,297 shares of the technology company’s stock valued at $150,000 after purchasing an additional 882 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in shares of Boingo Wireless in the first quarter valued at approximately $169,000. Institutional investors and hedge funds own 97.31% of the company’s stock.

About Boingo Wireless

Boingo Wireless, Inc, together with its subsidiaries, provides wireless connectivity solutions for smartphones, tablets, laptops, wearables, and other wireless-enabled consumer devices worldwide. The company offers distributed antenna systems and small cell networks at managed and operated locations; high-speed Wi-Fi services for residential consumers on military bases and at multifamily properties; and wholesale Wi-Fi services to network operators, device manufacturers, technology companies, enterprise software and services companies, venue operators, and financial services companies, as well as retail Internet access services.

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